Journal to test my Single Currency Basket System.
Goal - To increase my account (demo) from 50k to 60k (20%) in one month (start 1st September- end 30th September)
How does my system work?
I trade USD, EUR, GBP, JPY, CAD, AUD and NZD as a currency basket.
For example, if I wanted to buy NZD as a basket, I would place the following trades-
Buy NZDUSD (1 lot)
Sell EURNZD (1 lot)
Sell GBPNZD (1 lot)
Buy NZDJPY (1 lot)
Buy NZDCAD (1 lot)
Sell AUDNZD (1 lot)
System Rules
1) At New York close (17:00 EST) check daily currency strength indicator to see if conditions are right to place a trade.
2) Place one currency basket (6 currency pairs @ 1 Lot each) approximately 1 hour after New York close (wait for the spreads to narrow)
3) Stop Loss- Set EA to close all trades @ -$2500 (5% of initial deposit)
4) Take Profit - Set EA to close all trades @ $5000 (10% of initial deposit)
5) If neither SL or TP are hit, then manually close all trades an hour or two before New York close.
(If profit is $2500 before London session starts then close all trades and take profit)
6) Don't place a trade on Fridays
What is the benefit of using this system?
Takes only 10 minutes or so per day (no watching computer screens or charts for hours on end)
Fully mechanical trading decisions - not a lot of analysis required
Potential to profit from big intraday moves if they happen (and cut losses if trades go against you)
Trade Explorer attached- I don't trade everyday, only when the set up is right.
Hopefully I can achieve my goal - your comments are welcome
Goal - To increase my account (demo) from 50k to 60k (20%) in one month (start 1st September- end 30th September)
How does my system work?
I trade USD, EUR, GBP, JPY, CAD, AUD and NZD as a currency basket.
For example, if I wanted to buy NZD as a basket, I would place the following trades-
Buy NZDUSD (1 lot)
Sell EURNZD (1 lot)
Sell GBPNZD (1 lot)
Buy NZDJPY (1 lot)
Buy NZDCAD (1 lot)
Sell AUDNZD (1 lot)
System Rules
1) At New York close (17:00 EST) check daily currency strength indicator to see if conditions are right to place a trade.
2) Place one currency basket (6 currency pairs @ 1 Lot each) approximately 1 hour after New York close (wait for the spreads to narrow)
3) Stop Loss- Set EA to close all trades @ -$2500 (5% of initial deposit)
4) Take Profit - Set EA to close all trades @ $5000 (10% of initial deposit)
5) If neither SL or TP are hit, then manually close all trades an hour or two before New York close.
(If profit is $2500 before London session starts then close all trades and take profit)
6) Don't place a trade on Fridays
What is the benefit of using this system?
Takes only 10 minutes or so per day (no watching computer screens or charts for hours on end)
Fully mechanical trading decisions - not a lot of analysis required
Potential to profit from big intraday moves if they happen (and cut losses if trades go against you)
Trade Explorer attached- I don't trade everyday, only when the set up is right.
Hopefully I can achieve my goal - your comments are welcome